Generally, Refinancing and Repricing occur after the lock-in period of an existing loan and aim to secure more favourable terms for a mortgage. Refinancing is a more involved process that involves comparing offers from different banks, additional legal and conveyancing work, and dealing with mortgage brokers. The new lender must also assess the borrower’s financial status and re-evaluate the property. Repricing is more straightforward as it only involves adjusting specific loan terms with the current bank, with fewer fees. However, the benefit of comparing offers from different banks has yet to be available. Additionally, a credit assessment is not necessary. In Singapore, it’s essential to remember that the Total Debt Servicing Ratio (TDSR) framework applies at the time of loan application, so any changes to the TDSR limit after the first loan could affect future refinancing or repricing.

1. Lock-in Periods:  When refinancing a home loan in Singapore, it’s essential to check if you are still within the lock-in period of your current mortgage. The lock-in period is a contractual agreement between you and the lender that restricts you from refinancing or paying off your mortgage before a specific date. If you are still within the lock-in period, you may be subject to penalties or fees for early repayment.
2. Interest Review and Thereafter Dates: Some home loans in Singapore have interest rate reviews, typically every two to three years. It is essential to consider when the following interest rate review is due and what the expected interest rate will be. If your interest rate is going to increase, it may make sense to refinance to a lower rate to save on monthly mortgage payments.
3. Subsidy Clawbacks: If you have received government subsidies or incentives for your current home loan, you may be required to pay back a portion of the subsidy when you refinance. This is known as a subsidy clawback. Before refinancing, it’s important to consider how much of the subsidy will need to be repaid and if the savings from refinancing will offset the cost of the clawback.
4. Total Debt Servicing Ratio (TDSR): The Total Debt Servicing Ratio (TDSR) measures your ability to repay your debts based on your income and debts. To refinance a home loan in Singapore, you must meet the TDSR requirements of the Monetary Authority of Singapore. If your TDSR is too high, you may not be able to refinance, so it’s important to consider this factor before applying.

Yes, there are typically fees associated with home loan redemption and refinancing in Singapore, including legal fees, valuation fees, processing fees, and stamp duty. It is important to carefully consider these costs when deciding whether to redeem or refinance your home loan. It is recommended to work with a property lawyer or mortgage broker, or even a home loan redemption lawyer in Singapore to assess your options and make an informed decision.

Refinancing your home loan more  than once is possible, but it is important to understand the implications and weigh the benefits before making a decision.
Refinancing multiple times can lead to additional costs such as legal fees, processing fees, and stamp duty, which can add up over time and offset any potential savings from lower interest rates. Additionally, each time you refinance, it can impact your credit score as it involves taking on new debt and paying off existing debt.
Therefore, it is crucial to carefully consider the costs, time, and impact on your credit score before refinancing your home loan multiple times.